Many people who want to run their own business decisions that retail is the place for them. On the surface, it seems easy. We have all been into shops and we all know how they work – or at least we think we do. How hard can it really be? You have some merchandise, you display it, you make sure there is enough mark-up to cover your costs and then you have a till and a cashier to take money as people leave with their purchases. If only it really was this simple. The truth is that when it comes to retail there are a lot of things that need to be considered, a lot of costs that need to be sunk, and a whole lot of strategy that needs to be implemented. So, if retail is an area that you are looking to move into, here are a few tips that you might want to consider.
If you are going to be set up with a lot of merchandise, then you need to make sure that security is strong. This applies to when the shop is open; where you will need to consider things like guards and exit alarms, and to when it is closed. If there is too much merchandise on display in the shop window, a brick in the middle of the night can cause untold damage. You will have to think of things like security roller shutters Wollongong has plenty of these if you take a stroll downtown at night – and there is a reason for it. You will see similar set-ups in most other suburbs around the country. They might not look great when they are rolled down at night, but their mere presence can save fortunes in the long run.
Point of sale
You need to cater to your market and you need to make sure that you are as fraud-proof as possible. Digital payment methods are important, as broad a range of credit cards as possible, and look to offer discounts for cash. Cheques, on the other hand, lend themselves to fraud and should be off the table as a means of payment. In short, you need to recognise who you are selling to and how best to monetise them. It might even mean accepting lay-byes or running accounts if the shoppers are lower income earners. Perhaps you want to encourage cryptocurrency transactions if you are a shop that is cutting edge or technology based.
More margin in singles
Do not be afraid to sell individual items. In short, to break open packs and sell things individually. Items like cigarettes, which are traditionally sold by the pack can just as easily be sold as individual units – and when you do this it ends up much more profitable. It is well worth considering and once consumers know that they can buy in quantities that suit their pockets they will come back to you repeatedly.
In picking out a business location for your store make sure that it is in an area that will get lots of passing traffic. You might not think that passing traffic is relevant, but it most certainly is. If you are selling fast moving consumer goods then it is essential, but even if you are retailing specialist items, you are still better off having visibility.